Tag Archives: #InsuranceCareers

Careers and Employment, ESG, Insurance Industry, Webinars

The Institutes Releases New Webinar, Intersectionality in Research: Navigating Diversity

Industry stakeholders looking to keep pace with market challenges may find diversity in research the key to long-term success and resilience. A multitude of different perspectives, ideas, and solutions can enhance innovation and strategic outcomes. Join The Institutes for a webinar panel discussion of strategies for creating inclusive research spaces, addressing biases, and fostering a diverse and equitable research community, specifically in insurance.

 The panel includes:

  • Julia Brinson, Vice President, Insurance Research, Conning
  • Dale Porfilio, Chief Insurance Officer for the Insurance Information Institute (Triple-I) and President of the Insurance Research Council (IRC).
  • Roosevelt Mosley, Jr. Principal & Consulting Actuary, Pinnacle Actuarial Resources, Inc.

Amy Cole-Smith, currently the Director for Diversity at The Institutes, moderated the discussion for this on-demand event.

Intersectionality hinges on two core fundamentals: all oppression is linked, and people can be impacted by multiple sources of interlocking oppression that converge to create a new and multi-layered struggle.

For example, intersectionality recognizes that a Black woman experiences racial and gender discrimination in ways that might be entirely different from the ways Black men face racism or White women face sexism. These differences stem from the principle that for Black women, the identities of “woman” and “Black” do not exist independently.

Intersectional research explores how gender, race, ethnicity, and other identity markers impact the data and analysis to drive valuable insights. But success requires discovering effective ways to generate those insights for the benefit of all in the customer base, not just some. Without the inclusion of intersectionality in research, disparities may continue, and market needs–along with accompanying opportunities–can go unmet.

According to Julia Brinson, applying intersectional research begins with better recruiting diverse talent. Building on her response, Roosevelt Mosley, Jr added, “Once that talent gets into our industry, we need to focus on developing and growing that talent into all areas of an organization.” 

In a demonstration of how inclusion can play out around the research table, the panelists shared how their experiences influence how they approach research. Brinson, who holds a Master of Law in Insurance Law (among many other credentials), spoke about how she views insurance research problems with an eye for diversity using a “legal lens to understand the claims aspect” and how premiums may be affected.

The panelists also recommended how other researchers can effectively incorporate intersectionality into their work.

Dale Porfilio commented on how “diversity in thought and experience” can help address the industry’s challenges in this area, including “making sure products are affordable…and available to cover a broad range of risk…and integrating that with the social construct of fairness.”

However, Moseley warned that a one-size-fits-all approach to any particular category, such as race, gender, etc., won’t be sufficient to meet the requirements of intersectionality in research.

“There is a collective experience of groups, but within that collective experience, there is also significant diversity,” he said.

The common sentiment revolved around the need for “courageous conversations” and there was plenty of advice on how institutions foster an environment that promotes communication and collaboration among researchers of diverse backgrounds.

The entire webinar is available now on demand. Register here: Intersectionality in Research: Navigating Diversity (on24.com)

Careers and Employment, Insurance Industry

Women are fueling industry prosperity but left out of the C-Suite

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The insurance industry is on track for continued growth, with women playing a huge part, but gender equity at the top remains a long way off.  Bureau of Labor Statistics (BLS) data shows the talent pipeline isn’t an issue, as women account for 59.4 percent of the insurance workforce. They comprise 80.1 percent of workers serving as claims and policy processing clerks, 54.9 percent in sales roles, and 56.9 percent of underwriters. Yet, only about 22 percent (less than 1 in 4) of workers in the C-Suite are women.

Despite the setbacks of the early pandemic years, in which women shouldered the brunt of related workforce losses, women have made up roughly 60 percent of the insurance workforce each year since 2012, exceeding their share of total employment in the U.S. (46.9 percent).

Private sector research adds more details to this stark picture. A Marsh study conducted in 2022 revealed that “25 out of 27 (92.5 percent) of the largest insurance companies were led by men.” Similarly, a McKinsey study showed, “white women make up 45 percent of entry-level roles yet…fewer than one in five direct reports to the CEO are women.” Gender disparities also appear to increase across race and ethnicity.

A recent study from Liberty Mutual and Safeco Insurance shows that the number of women owners or principals in insurance agencies decreased from 31 percent to 26 percent between 2022 and 2023. In contrast, women comprise 75 percent of customer-facing staff in those organizations.

S&P Global Research analysis findings suggest “women could reach parity in senior leadership positions between 2030 and 2037, among companies in the Russell 3000.” Whether that might play out sooner or later for insurance isn’t clear. The August 2023 report also reveals that the “majority of progress towards gender parity is coming from women taking seats on company boards.” Still, C-suite leadership across all industries may not show full gender parity until the 2050s, and “the highest levels in CEO and CFO positions could take even longer.”

Gender parity can offer solutions for a healthy financial future

Meanwhile, the industry expects to face massive attrition as thousands of workers (along with their leadership skills and knowledge) eventually exit the workforce in the coming years. Automation and artificial intelligence/machine learning (AI/ML) may eliminate the need for some roles. Still, insurers will undoubtedly need to maintain an ecosystem of efficiency and innovation to remain profitable. Increased implementation of data-driven processes and decision-making brings new ethical implications and regulatory responsibilities.

Organizational diversity is commonly defined as people from a variety of backgrounds and perspectives working together to solve business problems. Strategic long-term success requires identifying, developing, and promoting diverse talent at all levels. However, a lack of diversity at the C-suite level can undermine the most valiant recruitment efforts in other parts of the organization. Today’s driven and career-focused candidates are wary of glass ceilings and may want evidence that inclusion and equity come from the top.

Research has indicated women in leadership can positively impact the organizations they run. After a series of four studies over several years, findings from McKinsey indicate that “leadership diversity is also convincingly associated with holistic growth ambitions, greater social impact, and more satisfied workforces.” Further, the most recent study also notes the “business case for gender diversity on executive teams has more than doubled over the past decade.” Other research indicates that, among U.S. property-casualty insurance companies, female CEOs are associated with “lower insurer insolvency propensity, higher z-score, and lower standard deviation of return on assets.”

In the era of the nation’s first female vice-president, ultimately, corporate boards might find that reflecting the market demographics the savviest and most compelling of all reasons to diversify senior leadership. Together, U.S. millennials and the oldest Gen Zers (already taking on adult responsibilities) command nearly $3 trillion in spending power each year. Both generations have duly prepared themselves to advance in the workforce, becoming more educated than previous generations. And they will no doubt grab an opportunity where they can find it.

Careers and Employment, Insurance Industry

Spotlight on Connecticut Insurance Commissioner Andrew Mais

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By Scott Holeman, Media Relations Director, Triple-I

For Black History Month, Triple-I is putting the spotlight on Black entrepreneurs and innovative leaders in insurance.  Connecticut’s first Black Insurance Commissioner, Andrew Mais, is an undisputed insurance leader and mentor as the video above makes clear.

“Connecticut is the insurance capital of the known universe,” says Mais. The state ranks number one for insurance employment and payroll and has the highest concentration of actuaries in the U.S.

Mais wants young people to understand the tremendous opportunities that the insurance industry offers and to consider it as a place to start a career.

Careers and Employment, Insurance Industry

From Sharecropper to Chairman of the Board: Spotlight on Roosevelt Giles, Chairman, Atlanta Life Financial Group

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By Kris Maccini, Social Media Director, Triple-I

For Black History Month, Triple-I is putting the spotlight on Black entrepreneurs and innovative leaders in insurance. Innovation and leadership are two words that come to mind when you meet Roosevelt Giles, chairman, Atlanta Life Financial Group, as much as his humble beginnings speaks to his resilience and fortitude.

Roosevelt Giles

Giles is the son of Bo and Lake Giles, two sharecroppers who lived in servitude to a plantation owner in South Carolina until the 1960s. He describes life during these times as “legalized slavery” and says that he picked cotton throughout much of his early childhood. “I only went to school when it rained,” he says. “If it was sunny, I was in the fields.”

Giles says that his family left sharecropping when his older sister paid off their $11K debt [to the plantation owner] and bought the family a home. This freedom allowed Giles to pursue higher education and led him into business as a tech founder and investor. In fact, it was Giles’ technology background that brought him into insurance when he was asked to transform the over 100-year-old company into the digital era.

Atlanta Life has proven to be an attractive opportunity for Giles. The company was founded by Alonzo Franklin Herndon, a former slave with only three-months of formal education. Herndon was emancipated in the late 1800s and went from selling goods on the side of the road to real estate and eventually insurance. He made many investments in infrastructure – housing and education – over the years, believing that Atlanta Life was successful only when the community was successful. In 1950, Herndon and his son Norris created the Herndon Foundation and named the people within the community as shareholders. The company has been credited with funding the Civil Rights Movement and became the primary source of life insurance policies for Black people during that era, most notably insuring the life of Dr. Martin Luther King, Jr. Atlanta Life and the Herndons were recognized and honored with the Nobel Laureate Foundation in 2018.

Giles feels a kinship with Herndon and his desire to provide comfort and dignity to the Black community. “When I was growing up, we’d sell fish fries on Friday or Saturday nights to make enough money to bury someone. Alonzo went into insurance because he wanted to take care of the people most at risk,” Giles says.

According to Giles, Atlanta Life has been invested in “stakeholder capitalism” since the onset. He credits the company with being one of the first to support women on the Board and in the C-suite as far back as the 1920s.

Recently, Giles has made another move towards improving racial equity by creating the Herndon Directors Institute (HDI), a 6-month program that trains underrepresented individuals – women and people of color – to be “board-ready”. The program launched earlier this month with fellows receiving mentorship from an impressive list of global corporate leaders.

“Capitalism is making it happen. Capitalism started this problem, and capitalism needs to fix this problem,” Giles says.

He just may be right. Several top companies have implemented commitments to racial equity, including NASDAQ who requires board diversity on any listed company and Goldman Sachs, who won’t take a company public without it.

While programs like HDI will be a huge step in ending generational poverty, Giles recognizes that his industry still has a long way to go. “The insurance industry needs to be more inclusive. We need to build products that address the wealth deficits in communities of color. The way to end generational poverty and build wealth is through financial literacy.”

“As the only Black Insurance carrier in the U.S., Atlanta Life is positioned to do just that. The brand is trusted in Black and underserved communities, and there is no other company, owned by a foundation, that is positioned to invest hundreds of millions of dollars into the Black and people of color communities on an annual basis,” Giles says. “So, when companies partner with Atlanta Life, we can eliminate generational poverty.”

Careers and Employment, Insurance Industry

Insurance Careers Corner: Q&A with Tasha Fuller, FloodFrame USA

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By Kris Maccini, Social Media Director, Triple-I

Triple-I’s “Insurance Careers Corner” series was created to highlight trailblazers in the insurance industry and to spread awareness on the career opportunities within the industry.

This month we interviewed, Tasha Fuller, CEO & Co-Founder, FloodFrame USA, a Houston-based company that provides homes and businesses with a waterproof cloth barrier against damage from flooding. Tasha shared her insights as a woman entrepreneur in STEM and how past flooding experiences and a background in civil engineering inspired her business.

Tasha Fuller, CEO & Co-Founder, FloodFrame USA

You started your career as a civil engineer. What led you to eventually build your own business, FloodFrame USA?

As an engineer, I wanted to do more for the community. I was designing big projects around Houston, oftentimes office buildings or huge industrial buildings, but I got into engineering to help the world in some way. It was always in the back of my mind to figure out how to best use my talents for this.

My primary focus was hydraulics and hydrology – how water works and how storms work. Then flooding happened in Houston. My family and I went to Denmark about six months after [Hurricane] Harvey to visit family, and we were introduced to FloodFrame on the news. Immediately, I knew this was something that needed to be in Houston. I contacted the Danish engineers, who developed the technology, to discuss how to bring it to the U.S. This led to six months of conversations with the engineers, myself, and my Dad, who is also my business partner. Initially, we were pursuing this [opportunity] on the side, and it was a huge leap of faith when we realized this company needed a full-time champion in order to work in the U.S.

What was the transition like from engineer to entrepreneur?

It was a huge risk, and it was scary. I’d wake up in the morning and wonder if I made the right decision. I left a corporate environment where everything was lined up for me, and I had colleagues to ask questions. The pattern of the day was figured out. As an entrepreneur, each day you ask yourself what’s the best thing for your company. Not having colleagues, it’s all on you, and it can feel like you never turn off.  I’ve been doing this for almost two years now, and I’ve most recently learned to find the balance.

What advice would you give to aspiring women entrepreneurs looking to build a STEM business?

On the days where you feel like giving up, just don’t. You are going to have days when you doubt if you have the potential. I read a quote the other day that resonated with me, ‘when you’re tired, learn to rest not quit.’ I’ve been using that for myself because I have tough days too. I recommend going for a walk or doing something that you enjoy. Go back to the challenge after that rest. Things will look a lot brighter than when you were in the moment.

In my previous job, I was the only woman and the only person under 40 in the room. I had to learn to stand my ground and feel comfortable in that situation. I would say to view that situation as an advantage to stand out and have your message heard versus blending into the room.

As a resident of Houston, you’ve experienced several severe storms including Harvey. How did you these experiences influence the business?

We wouldn’t have started this company if we didn’t see the impact of water on our community and how destructive flooding can be. During Hurricane Harvey, I remember watching the water inch towards my parents’ house. It was such a hopeless feeling, because we couldn’t stop this force of nature at the time. I remember thinking that there must be some solution out there for people who want to protect their homes. That’s really where the seed was planted and why meeting the FloodFrame engineers clicked during our trip to Denmark. My family would have been in a different position if we had the protection on our house.

2020 is expected to be one of the worst hurricane seasons on record and the pandemic will bring about new challenges in disaster prep. How have these challenges impacted your business?

We have installations already in the ground in the Greater Houston area. Our primary goal is to educate as many people as possible [in the area] about risk mitigation and property protection. The biggest hurdles have been reaching the people that really need it and educating the community overall. Pre-disaster mitigation is important. Floods will continue to happen, but protection can help people spend a fraction of cost to rebuild a flooded house. I’ve been leveraging digital platforms and accelerator programs like the Resilience Accelerator to find the right partners and get the word out on risk mitigation. We’re in this unusual time, but people realize that their homes are important and need the tools to protect themselves. Even though we are in a pandemic, that doesn’t mean the flooding will stop.

Careers and Employment, Insurance Industry

Insurance Careers Corner: A Few Minutes with Anisha Navendra, Insurance Industry Charitable Foundation (IICF) intern

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By James Ballot, Senior Advisor, Strategic Communications, Triple-I

It’s an understatement to say that the COVID-19 pandemic has affected all areas of our personal and professional lives. Amid widespread disruption, however, people are stepping up with innovative ways to overcome the distance of “social distancing.”

For insurance businesses, summer internships have long provided a vital path for educating students about the industry, and for insurance businesses to evaluate promising recruits. However, with lockdowns and other measures to contain the spread of Coronavirus extending through and beyond the summer months, many businesses were forced re-evaluate internship programs, with some considering suspension of 2020 summer internships. 

Several organizations have stepped in to fill this gap, including insurance businesses, industry trade groups, and in particular, Gamma Iota Sigma (GIS), a student society with 77 chapters serving more than 5,000 members across North America that’s recognized by many as “the insurance industry’s premier collegiate talent pipeline.”  Earlier this year GIS launched their Virtual Internships program. Despite getting a somewhat late start, the program placed more than 65 students on 30 projects at 14 insurance businesses.

As part of the Triple-I Blog’s “Insurance Careers Corner” features series, we spoke with student interns about their experiences during summer 2020 and their insurance career journey so far. We also reached out to internship program directors to get a fuller sense of how their organizations benefit from expanding outreach to students even in the midst of a pandemic.

First up is Anisha Navendra, who is a rising sophomore at University of Texas, Austin. Anisha spent part of the summer of 2020 interning at the Insurance Industry Charitable Foundation’s (IICF) Southeast Division. She’s double majoring in Mathematics with a concentration in Actuarial Science and Finance—and has “a keen interest in the insurance industry.”

Name: Anisha Navendra

Current Status: Rising Sophomore, The University of Texas at Austin

Internship: IICF

Triple-I: Tell us a bit about your experience as an intern. Did you have an internship lined up before schools and offices went into COVID-19 isolation?

Anisha: I was looking into internships earlier this year, but by the time classes went remote many programs were either suspended or cancelled. Gamma Iota Sigma stepped in to find ways to connect students with insurers and insurance businesses. My internship with IICF is an opportunity to learn more about the unique philanthropic side of the insurance industry by allowing me to spend time working closely with industry professionals.

How long is your internship with IICF and what sort of work are you doing there? 

My internship runs through August. I’m assisting with a wide variety of projects, including pulling and researching financial reports for insights into how a charitable foundation works.  

What skills and knowledge are you picking up along the way?

I’m learning more about teamwork, communications, doing due-diligence, time management and research skills, as well as how to use tools of the trade, like Microsoft Office. Also, I’m meeting and networking (virtually) with a lot of insurance professionals from different backgrounds and getting exposure to a wide range of business areas–marketing, finance, operations.

I plan to use these skills and the knowledge gained about insurance and the insurance industry to help me in my future endeavors as an actuary, or financial consultant.

When did you first consider insurance as a career path?

I became more aware of insurance as a member of my high school debate club (the topic was health insurance). Entering college, I discovered how actuarial sciences aligned with my other interests.

Any “surprises”; things you did not expect to learn or do?

Working with IICF has shown me a unique and more creative side of the business and how the industry’s charitable activities are helping to redefine the narrative about insurance. I’m also learning how companies are reacting to the pandemic—and that insurance is nimble and responsive.  It’s exciting to be behind the scenes at a non-profit.

How will this experience affect you going forward—both in your studies and in preparation for life after college?

Working with IICF has encouraged me to be more innovative and team oriented. The experience has made me want to learn more about non-profits and has gotten me interested in marketing and brand strategies. I plan take more classes in business law and ethics to round out my knowledge.

Careers and Employment, Insurance Industry, Technology

Insurance Careers Corner: Q&A with Rahel Abraham, ClimaGuard

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By Kris Maccini, Social Media Director, Triple-I

Triple-I’s “Insurance Careers Corner” series was created to highlight trailblazers in the insurance industry and to spread awareness on the career opportunities within the industry.

This month we interviewed Rahel Abraham, CEO of ClimaGuard, a Houston-based start-up that provides protective coverings for cars (and personal belongings) to prevent valuable losses from flood damage. Rahel shared her inspiration for creating ClimaGuard, her experiences as a first-time entrepreneur, and how she prepped her business for hurricane season, amid a pandemic.

Name: Rahel Abraham

Current Role: Founder & CEO, ClimaGuard

Years at Company: 2 years

Tell me about ClimaGuard. What led you to start the company in 2018?

The idea of ClimaGuard came about a month after Hurricane Harvey. This event was a historical devastation – not only were residential homes flooded, but many businesses and vehicles were flooded also. I lost my car, and there was a shortage of rental vehicles. Living in Houston, I depend on my mobility – being vulnerable post the hurricane was a challenge. I realized that I needed help, and so did many of my neighbors.

Shortly after the storm, a friend and I thought of an idea to produce a protective covering. As more hurricanes hit, we realized that flood mitigation wasn’t going to be solved overnight, but that we could come up with a way to help people safeguard themselves in real time. My background prior to ClimaGuard was in Engineering, so I knew that I had the background to create a product that would work.

ClimaGuard protective coverings can be used for other purposes outside of automobiles. I have a client who used it to protect a grandfather clock that was passed down through generations. I wanted the covering to be large enough to fit a car, but easy enough to use for quickly packing other valuable items in the home – sofas, electronics, tables, etc.

As CEO, what’s top of mind as you look to grow your business?

There are two goals that are top of mind: 1.) Spread awareness about flood risks, and 2.) Encourage and empower at-risk communities to proactively mitigate. Education in creating awareness for disaster planning and mitigation is vital to the growth of ClimaGuard. Whatever life looks like post-event – whether it’s running for home supplies, shopping for groceries, or accessing temporary living (hotel) – you need mobility, and, more importantly, peace of mind throughout the event.

It wasn’t until I got flooded that I understood the challenges post-flooding, and the financial costs to recover. I was fortunate to have a support system, but I know individuals who are still trying to recover three years after Harvey. I’m focused on preparing individuals and communities to get back up and running as soon as possible.

Being a woman and Black-owned business, what challenges have you faced in growing the company?

I didn’t know anyone personally who ran a successful product-based company, or any start-up, in general. I quit my job to pursue my business, so my cash flow was limited. I relied on my savings in the beginning, because I didn’t know how to seek funding. I was concerned that I would lock my business into a situation that would prevent it from thriving, if I didn’t partner with the right people. Because I didn’t have the network here, I went overseas to build partnerships, understand manufacturing, and learn how to create opportunities.

What activities have you been involved in to help build networking and partnerships?

Prior to COVID-19, I was part of an accelerator program called DivInc out of Austin, Texas. Austin is a great community for start-ups, and I wanted to be in the mix among entrepreneurs who were also starting from the ground up. After completing that program, I began outreach specifically to dealerships and the insurance industry. These two markets have proven to be good partnership opportunities for ClimaGuard. With insurance, my goal is to touch on the fleet business, the rental car space, and the commercial and residential customer base. With the dealerships, I am seeking access to the residential and commercial buyers who are invested in protecting their assets.

[ClimaGuard is currently a participant in Triple-I’s Resilience Accelerator]

What advice would you give to aspiring entrepreneurs in seeking opportunities and overcoming challenges? 

Just like your ingenuity led to an idea that solves a real problem, that same creative thinking will lead you to solutions to overcome your challenges. Your path is your own, and you don’t need millions of dollars to make your start-up successful. You do not need a proven track record to show you are capable. It’s not a sprint, it’s a marathon, so don’t burn yourself out.

2020 is expected to be one of the worst hurricane seasons on record and the pandemic will bring about new challenges in disaster prep. How have these challenges impacted your business? How are you preparing for the season?

Currently, the nation is highly focused on COVID-19. The lack of attention to this hurricane season concerns me, however we are living in very unusual and uncertain times. Many of us, myself included, are taking things day by day. I’m trying to be observant of the climate and the emotional health of our communities. In terms of preparedness during hurricane season, I know that hurricanes and flash flooding only allow a few days of notice before hitting an area. I’ve ensured that ClimaGuard inventory is ready, and I’m prepared to ship units (with the available supply) through a local fulfillment business in Houston. ClimaGuard’s mission is to prevent loss from natural disasters, and we’re ready this season and preparing for next season. Our goal is increase inventory next year as we develop more opportunities with partners and retailers.

Careers and Employment, Insurance Industry

Generational Differences in the Workplace: What You Don’t Know Can Hurt Your Bottom Line

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By Max Dorfman, Research Writer, Insurance Information Institute

Recently, I had the pleasure of speaking with Jennifer J. Deal, Ph.D., Senior Research Scientist with the Center for Creative Leadership (CCL), who helped provide insights into generational differences, leadership, and the insurance industry.

Deal will be speaking on many of these points at her upcoming talk at the WCRI’s 36 Annual Issues & Research Conference, March 5 and 6, 2020, in Boston, MA. She points to WCRI’s data-driven model as a mission she shares – and pushing for a greater understanding of the employees they both study. Deal also notes the importance of generating this data-driven understanding for the insurance business, which is tackling how to best engage and retain Millennial and Gen Z employees, groups that hold the future of the industry.

Why is studying Millennial engagement important?

Organizations want employees to be engaged and are deeply concerned that young people aren’t engaged at work. In general, when new cohorts come into an organization, it’s important to understand if anything is meaningfully different about them. If there is, then the organization can address it and hopefully continue to be effective as it integrates the new employees into the larger organization. 

How can a company use your insights to create a more cohesive, inclusive environment?

A company can use my work to help staff better understand the perspectives of the different generations.  Part of what my work does is provide data-based information about generations to clarify where there is a difference between stereotypes and reality.  This helps both leaders and people throughout organizations understand the perspectives of people from other generations who may or may not think like them.

How do generational differences affect the bottom line?

When people feel disengaged because they feel pushed aside or ignored simply because they’re from a particular generation, that’s a cost. When a company feels the need to implement very expensive training programs that aren’t necessarily going to improve how people work together because they don’t move the needle on the real issues, that’s a cost. When people leave because of unmet needs, that’s a cost. Unnecessary tension, conflict, and disengagement that arises because of generational stereotypes is a drag on the organization – and the bottom line.

Do you see all this affecting the insurance industry?

Definitely. I’ve had numerous conversations with leaders in the insurance industry about issues related to attraction and retention of the next generation of employees. One of the conversations we’ve had is about the desire of young people to have stability in their careers. Young people are much more interested in stability and long-term careers than people think they are. If that’s something the insurance industry can offer, it will likely be of great interest to young people.